The Dow Jones Industrial Average fell more than 550 points, led down by big manufacturers like Boeing and Caterpillar at risk from an escalation in protectionist trade policies

Growing tensions between the U.S. and China exacerbated investors’ fears of an all-out trade war between the world’s largest economies, shaving more than 550 points off the Dow Jones Industrial Average on Friday as investors braced for more turbulence ahead.

All 11 major sectors of the S&P 500 index declined, as investors broadly sold stocks, with the deepest declines among big industrial manufacturers like Boeing Co. and Caterpillar Inc. that stand to suffer from an escalation in protectionist trade policies.